The power of the cloud: mitigate risks and embrace opportunities

Cloud computing is driving digital transformation. And it’s the engine behind the Internet of Things (IoT). Still, executives are reluctant to fully embrace cloud technology. Our white paper “The Power of the Cloud” offers insight into the risks and the opportunities when adopting cloud solutions.

The cloud serves as the underpinning foundation for much of today’s digital transformation because of its adaptability, accessibility, scalability, resilience and favorable economics. Of all the disruptive technologies, cloud in all its forms has had the biggest impact and provides the basis for most of the other technologies and their ability to disrupt.

Our “The Power of the Cloud” white paper – created in collaboration EuroCloud Switzerland and Glenfis – helps you make better informed, business appropriate and risk-aware choices when considering cloud solutions. Here are a few highlights:

The power of the cloud

Keeping up with the pace of change, many businesses have integrated cloud-based solutions to remain competitive, while others are just getting started. Many are turning to the cloud to access enhanced availability, stability, performance and resilience while improving their agility and accelerating innovation.

How to mitigate cloud security risks

When thinking about cloud computing there are many non-functional dimensions which should be taken into account, including data protection, data security and data sovereignty. These considerations apply to any form of technology service but can become more complex in cloud, where the cloud platform may be shared with many other unknown tenants and where customer data may be stored and processed in many different jurisdictions.

How do you mitigate cloud security risks? The first step is to determine your cloud risk exposure and understand the four key potential risk categories: confidentiality or integrity breaches; unavailability of service or data; compliance with regulatory or state requirements; and subcontractor implications.

Managing the risks of the IoT

As the IoT creates tremendous business opportunities and competitive advantage, it also generates risks that must be anticipated and managed. Such risks include typical cloud computing risk, those associated with the individual networked IoT components or risks arising from the complex integration of the components and actual use cases. A specific role must be allocated for managing the associated risks of the IoT.

Data privacy and cross-border compliance in the cloud

Data privacy and cross-border compliance in the cloud pose further challenges. With regulators cracking down on non-compliance and General Data Protection Regulation (GDPR) just around the corner, it’s essential to fully understand your company’s data flows and the applicable regulations before defining your cloud adoption strategy and implementation/usage approach.

Independent assurance is critical

ISO/IEC 27018 certification is one international, well-accepted measure for providing assurance within cloud solutions to mitigate third-party risk. This allows Cloud Service Providers with infrastructure certified to the standard to tell their customers that their data is safeguarded and will not be used for any purposes for which customers don’t specifically give consent.

Every cloud has a silver lining

Despite the complexities, the benefits of cloud can be immense as it can help organizations deliver business outcomes and innovation quickly, securely and sustainably with little, if any capital expenditure.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.